UPDATE: Argus Upgrades Cracker Barrel (CBRL) to Buy

(updated to add analyst name, price target and comment)

Argus analyst John Staszak upgraded Cracker Barrel (NASDAQ: CBRL) from Hold to Buy, price target $210.00.

The analyst comments "Cracker Barrel posted better-than-expected fiscal 1Q comp sales, driven by “value pricing,” enhanced marketing efforts, and new menu items, such as premium coffee; operating margins also rose despite higher labor costs. We expect continued growth in both comp sales and margins in the coming quarters, and are raising our EPS estimates for both this year and next. We also expect Cracker Barrel, with its many locations near interstate highways, to benefit from the recent decline in gas prices, and to continue to add new locations at a steady clip."

For an analyst ratings summary and ratings history on Cracker Barrel click here. For more ratings news on Cracker Barrel click here.

Shares of Cracker Barrel closed at $181.75 yesterday.

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